CPA Firm Practice Management Feed

CPA Firm Practice Management

CPA Firm Practice Management covers a wide array of topics from succession planning, human capital management and practice development. CPA Firm Practice Management also includes the use of marketing, like social media and SEO, and developing new clients. The Private Companies Practice Section is a membership section of the AICPA consisting of public accounting firms. PCPS’s mission is to make practicing CPAs and their firms successful through education and advocacy.

 

 

 

 

 

 

 

 

 


 

6 Ways to Ease Audit Workload Compression during Busy Season

Shutterstock_270607559With the start of busy season just around the corner, planning is on most practitioners’ minds. I have recently spoken with many professionals about ways they jumpstart their upcoming audits. Outlined below are some activities to begin now that will make your busy season a little less hectic.  

Ask your clients to fill out background information forms. If there have been changes to their management, ownership structure or board of directors, ask clients to document them before busy season begins. Also, if your client has entered a new market, they should note these changes as well. You can provide your clients with the prior year documentation and transfer information to the new form as soon as it is available.

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5 Ways to Make the Most of Mentoring

Shutterstock_341095673A successful mentoring relationship, like all relationships in life, is about give and take. But in order to be successful, both mentor and mentee need to give genuine input. It isn’t as simple as the mentor giving and the mentee taking. Considering the value of mentoring, what can mentees do to guarantee they’re getting the greatest advantage from the relationship?

Be sure to opt in. Everyone’s schedule is busy, and mentoring may seem like something that’s easy to delete from a crowded calendar. It’s a mistake to underestimate the importance of support, however. Among other things, a mentor can help you assess your priorities, which can ensure your time is spent wisely and more productively.

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Seizing Opportunity Like a Rapping Founding Father

HamiltonWhen hip hop music first became popular, very few people would have thought that the music could be a great way to tell the story of America’s Founding Fathers. Yet, the wildly popular Broadway musical “Hamilton,” which won 11 Tony Awards, merges the historical narrative of the nation's first Secretary of the Treasury with hip hop music and lyrics, and proves that it’s possible to successfully create something fresh by offering a new take on a familiar subject.

Alexander Hamilton, the man whose life inspired the musical, started his career as an accounting clerk in the West Indies, then went to colonial America, where he would eventually lay the groundwork for the United States financial system. The musical came to life because Lin-Manuel Miranda, its creator and the man who originated the role of Hamilton, saw an opportunity and seized it by utilizing his musical talents to tell a 240-year-old story and delight unsuspecting audiences.

What does that have to do with CPAs? A lot, actually. Every day, CPAs use their knowledge and talents to meet a wide spectrum of client needs, often in ways that weren’t initially envisioned 50 or 20 or even five years ago. If you’d like to set the stage for new options in your career or practice, here are several opportunities that mesh well with CPAs’ core competencies and experience.   

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3 Ways to Make Your Value Clear to Clients

Shutterstock_244717456Value pricing has been a hot topic among CPA firms for a while now as it enables them to focus on what clients really care about. All firms should consider adopting this approach. But while you may be able to quantify the value of what you offer clients in time, it’s crucial not to stop there. Do you know, for example, what truly matters to your clients? What they value in their relationship with you and the services you provide? While your approach to billing is important, the most critical concern for any firm should be the client’s perception of value.  These three steps will help you better understand your own value, ensure that clients are aware of all that you’re worth to them and enable you to take your client relationships to a much deeper level.

  1. Make It Personal

It is important for clients to associate high-quality work and a strong relationship with you and your firm. If another firm promised to complete the engagement for less, would your clients run? You have to differentiate yourself from the competition in a unique way. As simple as it sounds, you should initiate regular meaningful contact with your clients throughout the year, not just when a due date is looming as many CPAs do. Establish a system or process for reaching out so that it happens methodically. Make sure clients realize you aren’t just the person who delivers only compliance work or some required paperwork, but rather the trusted business adviser they can count on.

You can radically change your client’s perception of your firm’s value when you:

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Do You Remember a Mentor’s Best Advice?

MentoringHave you ever approached a crossroads in your career and weren’t sure which path to take next? Or maybe you were struggling—with no luck—to gain more confidence and visibility in your job. If you were fortunate enough to have a mentor at these critical junctures, there’s a good chance you gained valuable insights into the best solutions and smartest next steps. In fact, 75% of executives in a poll by the Association for Talent Development said that a mentor had been critical in helping them ascend to their current position.

Mentoring includes imparting wisdom that the mentor has gained through a lifetime of business and personal experience. We reached out to members on LinkedIn and asked them to share some of the best advice they’d received from mentors throughout their careers. Here’s what they had to say:

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